DTCC Joins ERC-3643 Association to Boost Blockchain Finance
The Depository Trust and Clearing Corporation (DTCC), a major U.S. clearinghouse,has joined the ERC-3643 Association. This move supports the ERC-3643 standard for permissioned securities tokens. The proclamation came on March 20.
ERC-3643, or T-REX protocol, is an open-source smart contract standard. It allows only authorized users to hold assets on public blockchains. Over 40 tokens have been created using this standard. It has tokenized $28 billion worth of assets across 180 jurisdictions.
DTCC will integrate ERC-3643 into its ComposerXTM platform. This aims to enhance risk management, security, and compliance in digital asset markets. It also aims to reduce operational costs and complexity.
ERC-3643’s automated procedures can improve liquidity and speed up settlements. Nadine Chakar,Global Head of DTCC Digital Assets,said,”DTCC’s commitment to ERC3643 aligns wiht our vision of a more efficient and secure financial market.”
In 2023, DTCC processed $3 quadrillion in securities transactions. It held $85 trillion in assets in over 150 countries. DTCC has been testing blockchain applications. these include tokenized private asset tokenization on an Avalanche (AVAX) subnet.
The support from DTCC shows that American regulators are becoming more open to blockchain-based finance. The Commodity Futures Trading Commission is also exploring blockchain applications.
